Novagold Resources Inc (TSE:NG)
XASE:NG
Top Page
Novagold Resources New
(NYSE MKT:NG)
Select Model
Select Model
Rating:48Neutral
Price Target:
C$11.50
▲(1.32% Upside)
Action:ReiteratedDate:03/19/26
The score is held down primarily by weak financial performance (no revenue, large losses, and persistent cash burn) and bearish technical signals (below key moving averages with negative momentum). The latest earnings call provides a meaningful offset via improved funding position and clear Donlin project milestones, but regulatory timing risk and high planned spending keep overall risk elevated.
Positive Factors
Strategic Partnership & Ownership
Increasing NovaGold's stake to 60% and partnering with deep-pocketed Paulson materially improves access to long-term capital and aligns sponsor incentives. This durable sponsorship reduces sponsor risk, enhances lender confidence, and raises the probability the Donlin project can reach BFS and construction.
Negative Factors
Pre‑Revenue & Persistent Losses
With no operating revenue and a widening net loss profile (~-$94.7M in 2025), NovaGold depends on external financing to sustain development. Persistent negative operating and free cash flows create structural funding risk and make near-term execution reliant on capital markets or partner contributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic Partnership & Ownership
Increasing NovaGold's stake to 60% and partnering with deep-pocketed Paulson materially improves access to long-term capital and aligns sponsor incentives. This durable sponsorship reduces sponsor risk, enhances lender confidence, and raises the probability the Donlin project can reach BFS and construction.
Read all positive factors
Novagold Resources New (NG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.97B
Dividend YieldN/A
Average Volume (3M)707.95K
Price to Earnings (P/E)―
Beta (1Y)3.08
Revenue GrowthN/A
EPS Growth-92.71%
CountryCA
Employees14
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.04
Shares Outstanding438,014,530
10 Day Avg. Volume827,160
30 Day Avg. Volume707,951
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)23.30
Price to Sales (P/S)0.00
P/FCF Ratio-272.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$19.89Price Target Upside75.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.22
Revenue Forecast (FY)N/A
Novagold Resources New Business Overview & Revenue Model
Company Description
NovaGold Resources Inc. explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokw...
How the Company Makes Money
Novagold does not primarily generate revenue from selling gold because it is a pre-production developer without an operating mine; as a result, operating revenues are typically minimal or null. Its economic model is to create shareholder value by ...
Novagold Resources New Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 01, 2026
Earnings Call Sentiment Positive
The call presents significant operational and strategic progress: increased ownership and alignment with a deep-pocketed partner (Paulson), strong on-site activity (18,000 m drilling, local hiring, high-grade results), a robust treasury after recent financings, finalized tailings design and validated permitting work to date. Key near-term catalysts include announcing the BFS engineer and completing an ~18 month BFS. Major risks include fiscal 2025 net losses (including a $39.6M one-time noncash charge), a court-mandated supplemental EIS that adds permitting work and potential timing risk, slightly higher strip ratio noted in the technical update, and substantial 2026 expenditures (~$98.5M) with further large-scale financing required to build the project. On balance the positives around asset scale, jurisdiction, partner support, technical progress and funding activity outweigh the near-term financial and regulatory challenges.Positive Updates
Increased Ownership and Strategic Partnership
NovaGold now holds a 60% interest in Donlin Gold following the transaction with Barrick and Paulson; John Paulson invested significantly and the partnership provides strategic depth and enhanced access to financing opportunities.
Negative Updates
Reported Net Losses and One-Time Charge
Fiscal 2025 fourth quarter net loss of $15.6 million (an increase of $4.7 million year-over-year) and a full-year net loss of $94.7 million, which included a $39.6 million noncash, nonrecurring charge for warrants issued as consideration for a backstop commitment tied to the Donlin transaction.
Read all updates
Q4-2025 Updates
Positive
Negative
Increased Ownership and Strategic Partnership
NovaGold now holds a 60% interest in Donlin Gold following the transaction with Barrick and Paulson; John Paulson invested significantly and the partnership provides strategic depth and enhanced access to financing opportunities.
Read all positive updates
Company Guidance
Management's guidance combined near‑term financial guidance and project milestones: fiscal 2025 results included Q4 net loss of $15.6M (up $4.7M YoY) and a full‑year net loss of $94.7M (including a $39.6M non‑cash warrant charge), with year‑end treasury of $115.1M after net proceeds of $259.6M from offerings and a $210.1M payment to increase NovaGold's Donlin stake to 60% (Paulson invested ~$800M for a 40% stake); 2025 cash spend was $41.2M (≈$0.8M below guidance) and 2026 anticipated expenditures are ~$98.5M (comprising ~$78.8M for NovaGold’s 60% of Donlin and ~$19.7M corporate G&A). On Donlin, 2025 site work included an 18,000 m drill program, the resource is reported at ~40–45 Moz at ~2.25 g/t, only ~5% of the land package has been explored (3 km of an 8 km mineralized belt, ~95% unexplored), the project targets average production >1.0 Moz/yr (≈1.3 Moz/yr first 10 years) over ~30 years, the tailings design is finalized (downstream, fully lined), economics at ~$2,100/oz gold show double‑digit returns, and a bankable feasibility study (firm to be named within weeks) is expected to take ~18 months.Novagold Resources New Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -22.00K | 0.00 | 0.00 | -7.00K | -7.00K |
| EBITDA | -79.89M | -24.91M | -21.77M | -45.83M | -33.82M |
| Net Income | -94.66M | -45.62M | -46.80M | -53.34M | -40.54M |
Balance Sheet | |||||
| Total Assets | 335.91M | 109.75M | 133.29M | 159.19M | 198.85M |
| Cash, Cash Equivalents and Short-Term Investments | 115.14M | 101.22M | 125.75M | 125.88M | 169.12M |
| Total Debt | 167.06M | 152.45M | 137.55M | 124.63M | 116.13M |
| Total Liabilities | 172.12M | 157.17M | 141.51M | 129.29M | 120.57M |
| Stockholders Equity | 163.79M | -47.42M | -8.22M | 29.90M | 78.28M |
Cash Flow | |||||
| Free Cash Flow | -14.03M | -12.64M | -7.79M | -12.37M | -9.66M |
| Operating Cash Flow | -14.03M | -12.64M | -7.79M | -12.37M | -9.86M |
| Investing Cash Flow | -177.56M | 9.36M | -10.33M | -12.36M | 40.39M |
| Financing Cash Flow | 259.50M | -174.00K | 0.00 | -2.12M | -731.00K |
Novagold Resources New Technical Analysis
Negative
11.35
Price Trends
14.25
Negative
13.66
Negative
11.38
Negative
Market Momentum
-1.18
Positive
37.37
Neutral
19.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NG, the sentiment is Negative. The current price of 11.35 is below the 20-day moving average (MA) of 14.08, below the 50-day MA of 14.25, and below the 200-day MA of 11.38, indicating a bearish trend. The MACD of -1.18 indicates Positive momentum. The RSI at 37.37 is Neutral, neither overbought nor oversold. The STOCH value of 19.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NG.
Novagold Resources New Risk Analysis
Novagold Resources New disclosed 30 risk factors in its most recent earnings report. Novagold Resources New reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Novagold Resources New Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$5.45B | 14.52 | 46.21% | ― | 81.13% | 234.33% | |
74 Outperform | C$7.46B | 11.03 | 12.03% | ― | 33.74% | ― | |
73 Outperform | C$5.54B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
70 Outperform | C$7.01B | 40.65 | 10.55% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$4.97B | -40.32 | -84.13% | ― | ― | -92.71% | |
44 Neutral | C$3.75B | -77.21 | -5.07% | ― | ― | -267.06% |
* Basic Materials Sector Average
TSE:NG
Novagold Resources New
11.35
7.15
170.24%
TSE:SEA
Seabridge Gold
35.91
19.16
114.39%
TSE:SSRM
SSR Mining
36.69
22.27
154.44%
TSE:KNT
K92 Mining
22.25
9.84
79.29%
TSE:OLA
Orla Mining
20.28
6.86
51.06%
TSE:TXG
Torex Gold Resources
58.08
18.40
46.37%
Novagold Resources New Corporate Events
Business Operations and StrategyFinancial Disclosures
Novagold Sets April 1 Release and Webcast for Q1 2026 Results
Neutral
Mar 19, 2026
Novagold Resources will release its financial report for the first quarter of 2026 before markets open on April 1, 2026, and will host a conference call and video webcast later that morning to discuss the results. Senior executives, including the ...
Business Operations and Strategy
Novagold and Paulson Advance Donlin Gold Study With Key Engineering Contracts
Positive
Mar 12, 2026
Novagold Resources and Paulson’s Donlin Gold Holdings have awarded key engineering contracts to WSP, Worley, and Hatch to advance critical infrastructure and processing units for the Donlin Gold project’s updated bankable feasibility s...
Business Operations and Strategy
Novagold Taps Fluor to Lead Donlin Gold Bankable Feasibility Study
Positive
Feb 9, 2026
Novagold Resources and Paulson’s Donlin Gold Holdings have chosen Fluor Corporation as the lead engineering partner for a bankable feasibility study on the Donlin Gold project in Alaska, targeting completion in 2027. Fluor will oversee integ...
Business Operations and StrategyPrivate Placements and Financing
NOVAGOLD Raises US$310 Million in Upsized Private Placement to Advance Donlin Gold
Positive
Feb 5, 2026
NOVAGOLD Resources has closed an upsized bought deal private placement of 31,020,000 common shares at US$10.00 per share, raising gross proceeds of approximately US$310 million, including a partial exercise of the over-allotment option and partici...
Business Operations and StrategyPrivate Placements and Financing
Novagold Upsizes Bought Deal Financing to US$300 Million to Advance Donlin Gold
Positive
Jan 23, 2026
Novagold Resources has upsized its previously announced bought deal private placement to 30 million common shares at US$10.00 per share, for gross proceeds of about US$300 million, anchored by a US$140 million cornerstone order from a leading Euro...
Business Operations and StrategyPrivate Placements and Financing
NOVAGOLD Launches US$200 Million Bought Deal to Advance Donlin Gold and Prepay Barrick Note
Positive
Jan 22, 2026
NOVAGOLD Resources has launched a US$200 million bought deal private placement of 20 million common shares at US$10.00 each, led by BMO Capital Markets, RBC Capital Markets and Scotiabank, including a US$140 million cornerstone order from a leadin...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
NOVAGOLD Tightens Grip on Donlin Gold With $1 Billion Deal and Ramps Up Development Push
Positive
Jan 22, 2026
NOVAGOLD has filed its 2025 year-end report and highlighted a transformational year marked by the $1 billion acquisition of Barrick Mining’s former 50% stake in Donlin Gold LLC, resulting in NOVAGOLD increasing its interest in the project to...
Business Operations and StrategyExecutive/Board Changes
Novagold Taps Veteran Project Director to Drive Donlin Gold Toward Development
Positive
Jan 14, 2026
NOVAGOLD has appointed veteran mining executive Frank Arcese as Project Director of Donlin Gold LLC to lead the advancement of its flagship Donlin Gold project toward a bankable feasibility study and eventual development. Arcese, who brings more t...
Business Operations and Strategy
NOVAGOLD Advances Donlin Gold Energy Strategy With Alaska LNG LOI and Feasibility Planning
Positive
Jan 9, 2026
NOVAGOLD announced that Donlin Gold LLC, its 60%-owned joint venture with Paulson Advisers, has signed a non-binding letter of intent with Glenfarne Alaska LNG for potential natural gas supply and associated infrastructure to power the proposed Do...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.